Legal Question in Wills and Trusts in Illinois

Re: IRA disbursment and MRD at death

I briefly looked at the IRS regulations for 2002 and later years. They spend great effort discussing how payments after death to trusts, estates, and/or beneficiaries may satisfy the RMD rules. I am both an attorney and CPA, and the definitive answer to your question will require a review of the facts, the IRA, etc. by a competent tax lawyer or CPA familiar with this area, and paid for the time involved.

This is not within the "walking around"knowledge of most CPAs or attorneys, you need to speak to someone familiar with ERISA and these rules to properly structure the remaining distributions.

Our comments are based on treating your question as a hypothetical. Accordingly, our comments could be substantially and materially different were we advised of all of the relevant facts and circumstances. Our comments are by necessity general in nature, and should not be relied upon in taking or forgoing action in your circumstances without retaining an attorney. In order to fully explore your legal matter, you should meet with us or another attorney and bring to any such meeting all relevant documents and correspondence, and any other relevant facts.

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As you are aware, in Illinois there are various deadlines for filing a complaint, filing an answer to a complaint, or taking other action in order to preserve your legal rights, and avoid a complete loss of those rights. You should retain counsel immediately in order to be fully advised of your rights, and to be fully informed of the applicable time period within which those rights must be asserted. If you were to delay in doing so, it might result in your potential cause of action being forever barred.